Bitcoin, along with a slew of other currencies, is based on the so-called Proof-of-Work (PoW) consensus algorithm. PoW is often criticized for its lack of energy efficiency, but US tech giant IBM has recently come up with a solution — applying PoW in an IoT network. The report states that IoT devices could perfectly provide a significantly higher level of efficiency than ordinary mining hardware, including last-generation ASIC miners.
IBM’s Dr. Emanuele Ragnoli claims that this would help to diversify the assignments that are given to different nodes since they all “do the same job”. Instead, he wants to see a “layered ecosystem” where every node would be tasked with different things.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Godfrey Benjamin
Yuri Molchan
Dan Burgin
Vladislav Sopov